Governor J.B. Pritzker announced new measures to help businesses stay afloat during the ongoing COVID-19 pandemic.
The governor says starting Friday, small businesses across the state will be eligible for more than 90 million dollars in emergency loans and state grants.
State Treasurer Michael Frerichs says it’s aimed at providing businesses a “soft landing:”
“We understand business has slowed. We do not want businesses to close forever. We want them to make payroll and pay their own bills. It is easier to ramp up a business that is struggling than a business that has shuttered.”
The loan fund is a five-year, low-interest loan up to $50,000, Pritzker says the state has allotted $60 million for the loans. He also added payments on the loans won't begin for six months.
Pritzker is also extending Illinois’ tax filing deadline by another several months, to July 15. This year’s tax refunds, he says, will be distributed in a “timely fashion.”
Applications for the emergency funding are available at: https://www2.illinois.gov/sites/coronavirus/Pages/default.aspx